XML 86 R35.htm IDEA: XBRL DOCUMENT v2.4.0.8
Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2013
Investments, Debt and Equity Securities [Abstract]  
Schedule of Available-for-sale Securities Reconciliation
The following table summarizes the amortized cost and estimated fair value of investment securities and presents the related gross unrealized gains and losses:
December 31, 2013
 
 
 
 
 
 
 
 
(dollars in thousands)
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Estimated Fair Value
Available-for-Sale:
 
 
 
 
 
 
 
 
Obligations of:
 
 
 
 
 
 
 
 
U.S. government sponsored enterprises
 
$
2,051

 
$
26

 
$
—

 
$
2,077

Residential mortgage-backed securities-GSE
 
364,513

 
974

 
24,340

 
341,147

Residential mortgage-backed securities-Private
 
19,770

 
982

 
—

 
20,752

Commercial mortgage backed securities-GSE
 
22,767

 
—

 
1,328

 
21,439

Commercial mortgage-backed securities-Private
 
10,408

 
—

 
823

 
9,585

Business Development Company investment
 
1,753

 
984

 
—

 
2,737

Corporate notes
 
16,795

 
82

 
—

 
16,877

Total available-for-sale
 
$
438,057

 
$
3,048

 
$
26,491

 
$
414,614

Held-to-Maturity:
 
 
 
 
 
 
 
 
Residential mortgage-backed securities-GSE
 
141,724

 
—

 
9,907

 
131,817

Commercial mortgage-backed securities-Private
 
10,071

 
—

 
763

 
9,308

     Total held-to-maturity
 
$
151,795

 
$
—

 
$
10,670

 
$
141,125

Total investment securities
 
$
589,852

 
$
3,048

 
$
37,161

 
$
555,739

 
 
 
 
 
 
 
 
 
December 31, 2012
 
 
 
 
 
 
 
 
(dollars in thousands)
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Estimated Fair Value
Available-for-Sale:
 
 
 
 
 
 
 
 
Obligations of:
 
 
 
 
 
 
 
 
U.S. Treasury and government agencies
 
$
6,646

 
$
335

 
$
—

 
$
6,981

U.S. government sponsored enterprises
 
22,118

 
55

 
—

 
22,173

States and political subdivisions
 
5,918

 
120

 
—

 
6,038

Residential mortgage-backed securities-GSE
 
436,344

 
5,678

 
948

 
441,074

Residential mortgage-backed securities-Private
 
22,649

 
750

 
454

 
22,945

Commercial mortgage backed securities-GSE
 
23,150

 
209

 
—

 
23,359

Commercial mortgage backed securities-Private
 
5,283

 
34

 
—

 
5,317

Corporate notes
 
36,710

 
270

 
17

 
36,963

Total
 
$
558,818

 
$
7,451

 
$
1,419

 
$
564,850
Available-for-sale Securities, Continuous Unrealized Loss Position
The following tables show our investments' estimated fair value and gross unrealized losses, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, at December 31, 2013 and December 31, 2012. The change in unrealized losses during the years ending December 31, 2013 and 2012 was attributed to changes in interest rates and not to changes in the credit quality of these securities. All unrealized losses on investment securities are considered by management to be temporary given the credit quality of these investment securities or the short duration of the unrealized loss, or both.
 
Less than 12 Months
 
12 Months or More
 
Total
(dollars in thousands)
Estimated Fair Value
Gross Unrealized Losses
 
Estimated Fair Value
Gross Unrealized Losses
 
Estimated Fair Value
Gross Unrealized Losses
December 31, 2013
 
 
 
 
 
 
 
 
Available-for-Sale:
 
 
 
 
 
 
 
 
Residential mortgage-backed securities-GSE
$
222,475

$
16,585

 
$
76,501

$
7,755

 
$
298,976

$
24,340

Residential mortgage-backed securities-Private
—

—

 
—

—

 
—

—

Commercial mortgage-backed securities-GSE
—

—

 
21,439

1,328

 
21,439

1,328

Commercial mortgage-backed securities-Private
9,585

823

 
—

—

 
9,585

823

Total available-for-sale
$
232,060

$
17,408

 
$
97,940

$
9,083

 
$
330,000

$
26,491

Held-to-Maturity:
 
 
 
 
 
 
 
 
Residential mortgage-backed securities-GSE
$
131,817

$
9,907

 
$
—

$
—

 
$
131,817

$
9,907

Commercial mortgage-backed securities-Private
9,308

763

 
—

—

 
9,308

763

Total held-to-maturity
$
141,125

$
10,670

 
$
—

$
—

 
$
141,125

$
10,670

Total
$
373,185

$
28,078

 
$
97,940

$
9,083

 
$
471,125

$
37,161

 
 
 
 
 
 
 
 
 
December 31, 2012
 
 
 
 
 
 
 
 
Residential mortgage-backed securities-GSE
$
123,489

$
904

 
$
7,027

$
44

 
$
130,516

$
948

Residential mortgage-backed securities-Private
6,482

438

 
1,017

16

 
7,499

454

Corporate notes
—

—

 
3,249

17

 
3,249

17

Total
$
129,971

$
1,342

 
$
11,293

$
77

 
$
141,264

$
1,419
Available-for-sale Securities, by Maturity Dates
The aggregate amortized cost and fair value of securities at December 31, 2013, by remaining contractual maturity, are shown in the following table. Actual expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations.

 
 
Available-for-Sale
 
Held-to-Maturity
(dollars in thousands)
 
Amortized Cost
 
Estimated Fair Value
 
Amortized Cost
 
Estimated Fair Value
Due in one year or less
 
$
8,404

 
$
8,406

 
$
—

 
$
—

Due after one year through five years
 
10,442

 
10,548

 
—

 
—

Due after five years through 10 years
 
—

 
—

 
—

 
—

With no stated maturity
 
1,753

 
2,737

 
—

 
—

Total
 
20,599

 
21,691

 
—

 
—

Mortgage-backed securities
 
417,458

 
392,923

 
151,795

 
141,125

Total
 
$
438,057

 
$
414,614

 
$
151,795

 
$
141,125